Mineral Springs Mall up for sale — again

Published
12:00 am CDT, Thursday, March 19, 2015

ALTON — Just weeks after changing hands, Alton’s Mineral Springs Mall could once again be under new ownership soon.

The mall, located at 301 E. Broadway, was put up for sale by its owners, Tampa, Fla.-based Mercy Real Estate, this week through Alton RE/MAX agent Dennis Dugan. Multiple signs identifying the building as being for sale are posted on the mall’s exterior.

A sale would be the second time the building has come under new ownership since December. On Dec. 30, Banyan Ventures donated the building to Mercy Real Estate as part of a bargain sale. In such a transaction, formally called an IRS 170 Exchange, owners donate a property to a company for tax write-off purposes. The real estate company then has the option of keeping the property in hopes of generating revenue or selling it for a profit.

Last month, Mercy property manager Amy Bruno said the company was looking for an investor to partner with or one that would be “better suited” at owning the Alton property. Attempts to reach Bruno regarding the current status of the building went unanswered.

The asking price for the building price may lead to an expeditious sale. On Dugan’s RE/MAX website, the property is listed for sale at $195,000.

That number is significantly lower than the last recorded sale price of $675,000 in October 2010. Per the commercial real estate website LoopNet.com, Banyan Ventures was asking $495,000 before donating the building late last year.